The Decision About What Goods and Services Will Be Produced

question 14

Multiple Choice

The decision about what goods and services will be produced in a market economy is made by

• A)lawmakers in the government voting on what will be produced.
• B)workers deciding to produce only what the boss says must be produced.
• C)producers deciding what society wants most.
• D)consumers and firms choosing which goods and services to buy or produce.
• E)consumers dictating to firms what they need most.

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Definitions:

Express Consent

Clear and voluntary permission given by a person or party to another for a specific action or procedure, often communicated orally or in writing.

Noncompetition Provision

A clause in a contract that prohibits an individual from entering into or starting a similar profession or trade in competition against another party, typically an employer, for a certain period of time and within a specific geographic area.

Successor Company

A company or entity that takes over the operations, assets, and liabilities of another company, typically through merger or acquisition.

Assignable

Refers to a right or duty that can be transferred from one party to another.